Using both periodic and perpetual inventory system, you are required to prepare the following: 1. Chart...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Using both periodic and perpetual inventory system, you are required to prepare the following: 1. Chart of Accounts 2. Comparative Journal Entries ABM Sales Company engaged in the following transactions for the month of March 2021 1-Mar Anna Wiecka withdrew P 350,000 from her bank account and invested it in the business. She also made an initial investment of merchandise worth P 150,000. 2- Mar Purchased office supplies worth P 1,850 using casb. 4-Mar Paid one (1) year insurance premiums, P 8,500. 6-Mar Purchased merchandise from BGN Trading, P 135,.000 Terms: 20% down, balance 2/10, n/30. FOB Destination, Freight collect, P 3,300. 6-Mar Purchased computer set from SJ Store P 35,000 on account, for office use. 7-Mar Purchased merchandise from SJDJ Trading, P 95,000. Terms: 5-10, 2/15, n/30. FOB SP, Freight Collect, P 720. 9-Mar Sold merchandise to SEAS Trading, P 105,000 (cost, P 85,000) Terms 5-5, 2/15, 1/20, n/30. FOB Destination, Freight prepaid, P 825. Returned defective merchandise purchased from BGN Trading. P 5,500. 15-Mar Paid BGN Trading in full 18-Mar Sold merchandise to SPC Trading, P 65,000 (cost, P 49,750) 12-Mar Terms: 2/20, n/30, FOB Destination, Freight collect, P 1,500 20-Mar SEAS Trading returned defective merchandise worth P 12,750 (cost, P 8,950) 21-Mar Received partial payment from SPC Trading, P 15,000.00 21-Mar Anna Wiecka withdrew P 12,000 for personal use. 24-Mar SEAS Trading settled its account in full 25-Mar Anna Wiecka temporarily withdrew P 5,000 worth of merchandise for personal use. 28-Mar SPC Trading settled its account in full. 30-Mar Settled account with SJDJ Trading in full. 30-Mar Paid the following expenses: Salaries - 10,000; Utilities - P 3,000; Advertising -P 3,240; Rent - P 8,500 31-Mar Purchased merchandise from SHS Company P 50,000 cash Terms: FOB shipping point, Freight Prepaid, P 2,500 Using both periodic and perpetual inventory system, you are required to prepare the following: 1. Chart of Accounts 2. Comparative Journal Entries ABM Sales Company engaged in the following transactions for the month of March 2021 1-Mar Anna Wiecka withdrew P 350,000 from her bank account and invested it in the business. She also made an initial investment of merchandise worth P 150,000. 2- Mar Purchased office supplies worth P 1,850 using casb. 4-Mar Paid one (1) year insurance premiums, P 8,500. 6-Mar Purchased merchandise from BGN Trading, P 135,.000 Terms: 20% down, balance 2/10, n/30. FOB Destination, Freight collect, P 3,300. 6-Mar Purchased computer set from SJ Store P 35,000 on account, for office use. 7-Mar Purchased merchandise from SJDJ Trading, P 95,000. Terms: 5-10, 2/15, n/30. FOB SP, Freight Collect, P 720. 9-Mar Sold merchandise to SEAS Trading, P 105,000 (cost, P 85,000) Terms 5-5, 2/15, 1/20, n/30. FOB Destination, Freight prepaid, P 825. Returned defective merchandise purchased from BGN Trading. P 5,500. 15-Mar Paid BGN Trading in full 18-Mar Sold merchandise to SPC Trading, P 65,000 (cost, P 49,750) 12-Mar Terms: 2/20, n/30, FOB Destination, Freight collect, P 1,500 20-Mar SEAS Trading returned defective merchandise worth P 12,750 (cost, P 8,950) 21-Mar Received partial payment from SPC Trading, P 15,000.00 21-Mar Anna Wiecka withdrew P 12,000 for personal use. 24-Mar SEAS Trading settled its account in full 25-Mar Anna Wiecka temporarily withdrew P 5,000 worth of merchandise for personal use. 28-Mar SPC Trading settled its account in full. 30-Mar Settled account with SJDJ Trading in full. 30-Mar Paid the following expenses: Salaries - 10,000; Utilities - P 3,000; Advertising -P 3,240; Rent - P 8,500 31-Mar Purchased merchandise from SHS Company P 50,000 cash Terms: FOB shipping point, Freight Prepaid, P 2,500
Expert Answer:
Related Book For
Posted Date:
Students also viewed these organizational behavior questions
-
You are required to prepare two written responses: 1) tax file memorandum and 2) client letter. For the tax memorandum file, use exhibit 2.9 on page 2-27 for an example
-
The Electric Company engaged in the following transactions during 2014. The beginning cash balance was $43,000 and ending cash balance was $48,600. 1. Sales on account were $274,000. The beginning...
-
The Electric Company engaged in the following transactions during 2017. The beginning cash balance was $43,000 and the ending cash balance was $48,600. 1. Sales on account were $274,000. The...
-
Jerome Neeson is a shareholder in Gourmet Chefs Inc., a company that owns and operates a test kitchen in a large metropolitan area. The company is involved in a number of businesses, including...
-
If a bank manager is certain that interest rates were going to increase within the next six months, how should the bank manager adjust the banks maturity gap to take advantage of this anticipated...
-
Form groups of four to six persons each. Each member of the group should pick a different company and find the most recent annual report for that company. (If you do not have printed annual reports,...
-
Why is an ethical culture considered necessary for fraud prevention and deterrence?
-
Haas Company is a retail company that specializes in selling outdoor camping equipment. The company is considering opening a new store on October 1, 2015. The company president formed a planning...
-
The buyer at Ajax Co. is responsible for maintaining inventory of a key component which is used in the firm's manufacturing process throughout the entire 52-week year. The annual demand is 12,000...
-
Update the trial balance for Kreg?s Moving Co. (Figure 4.27 on page 137) for October 31, 201X. Adjustment Data to Update Trial Balance 1. Insurance expired, $550. 2. Moving supplies on hand, $800. 3....
-
ces Northwood Company manufactures basketballs. The company has a ball that sells for $25. At present, the ball is manufactured in a small plant that relies heavily on direct labor workers. Thus,...
-
A person bought a car in $25,000. He deposited a down payment of 20% and must pay back the remaining balance through 18 monthly payments. First payment will start three months after issuing the...
-
Should state and federal homeland security grant money be distributed equally across the nation or jurisdictions? Why or why not? Explain. Do you think that a combination of any of the listed funding...
-
What is the Area(s) of operation, Methods of engagement, Legitimate functions (political, social, etc.), Psychological and cultural makeup of Timothy McVeigh make you utilize4-6 scholarly sources
-
A hypothetical state statute provides for an import tax on imported foods. Different tax rates are imposed on different foods. The tax rate on fruits is much higher than the tax on vegetables. Does...
-
Provide case law where it indicates where the South African legal principle called Attornment shows that: The avoidance of disputes about whether property is transferred. In other words find case law...
-
One day Shanto asked Saima how much she loves him. Saima's answer was "71.43%", which, unsurprisingly, shocked Shanto. Why didn't she say something like "for the full 100% !", and why a particular...
-
When you weigh yourself on good old terra firma (solid ground), your weight is 142 lb. In an elevator your apparent weight is 121 lb. What are the direction and magnitude of the elevator's...
-
The number of times that dogs bark as a function of dog size. Now let's assume that the data in that exercise were for spayed/neutered (s/n) dogs only. The kennel owner now wants to determine if dog...
-
On an ability test, 15 randomly selected participants score an average of 74.8 points, with a M of 1.263 points. What is the 95% confidence interval for future test takers' scores?
-
Joe stands 67.00 in. tall. What percentage of American men are (a) the same height or shorter than Joe, (b) taller than Joe, and (c) between the mean and Joes' height?
-
Prove Part 1 of Theorem 1.14 using induction. That is, prove that for any non-negative integer \(k\), \[H_{k}(x)=\sum_{i=0}^{\lfloor k / 2floor}(-1)^{i} \frac{(2 i) !}{2^{i} i...
-
Use Theorem 1.13 (Taylor) to find fourth and fifth order polynomials that are approximations to the standard normal distribution function \(\Phi(x)\). Is there a difference between the...
-
Prove Part 2 of Theorem 1.14. That is, prove that for any non-negative integer \(k \geq 2\), \[H_{k}(x)=x H_{k-1}(x)-(k-1) H_{k-2}(x) .\] The simplest approach is to use Definition 1.6. Theorem 1.14....
Study smarter with the SolutionInn App